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Accounting ll

Ch. 24 vocab

QuestionAnswer
GAAP Generally accepted accounting principles. Requires that revenue and expenses be recorded in the accounting period in which revenue is earned and expenses are incurred.
Revenue earned in one fiscal period but not received until a later fiscal period. Accrued Revenue
Realization of Revenue Revenue is recorded at the time goods or services are sold.
Adequate Disclosure Financial statements contain all information necessary to understand a business's financial condition.
Interest earned but not yet received. Accrued Interest Income
FYI – Interest Receivable on Balance Sheet The interest receivable account appears in the Current Assets section of the balance sheet.
FYI – Interest Income on Income Statement The interest income account appears in the Other Revenue section of the income statement.
An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period. Reversing Entry
Expenses incurred in one fiscal period but not paid until a later fiscal period. Accrued Expenses
Interest incurred by not yet paid. Accrued Interest Expense
FYI – Adjusting Entry for Accrued Interest Expense on Income Statement The income statement will report all expenses for the period even though some of the expenses have not yet been paid.
FYI – Adjusting Entry for Accrued Interest Expense on Balance Sheet The balance sheet will report all liabilities, including the accrued expenses payable.
Created by: mmincy